Market Size of Europe Insulin Syringe Industry
Study Period | 2018 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Market Size (2024) | USD 111.88 Million |
Market Size (2029) | USD 118.76 Million |
CAGR (2024 - 2029) | 1.20 % |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Europe Insulin Syringe Market Analysis
The Europe Insulin Syringe Market size is estimated at USD 111.88 million in 2024, and is expected to reach USD 118.76 million by 2029, growing at a CAGR of 1.20% during the forecast period (2024-2029).
European countries are suffering from the burden of high diabetes expenditure due to its rising prevalence. In high-income countries, diabetes is one of the leading causes of cardiovascular diseases, blindness, kidney failure, and lower limb amputation. Technological advancements have increased over the period in Diabetes care devices for safer and more accurate administration of insulin. A needle and syringe are a common and cost-effective way for many people to take insulin. Approximately 10% of the total diabetes population is having type-1 diabetes and approximately out of this 10% of people only 80-90% use Insulin delivery devices but the usage of insulin is rising from time to time, even type-2 diabetes patients are using the insulin devices.
According to the IDF report, about 1 in 11 adults contain diabetes in Europe, accounting for approximately 61 million. These figures indicate that approximately 19.6% of global expenditure is spent on diabetes in Europe. Every year 21,600 children are added to the type-1 diabetic population pool. The European region witnessed an alarming increase in the prevalence of diabetes in recent years. Patients with diabetes require many corrections throughout the day to maintain nominal blood glucose levels, such as oral anti-diabetic medication or ingestion of additional carbohydrates by monitoring their blood glucose levels.
According to IDF, to reduce the diabetes epidemic in the country, the Russian government needs to fully implement a National Diabetes Plan that establishes a state budget and guarantees diabetes care to all Russian citizens. Russia is working towards improving the reimbursement system for all aspects of diabetes care, limiting out-of-pocket payments, and preventing households from incurring catastrophic expenditures. Also, implementing a national screening program to improve the early identification of disturbed carbohydrate metabolism and creating a specialized diabetes health service under the Ministry of Health of the Russian Federation.
Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.
Europe Insulin Syringe Industry Segmentation
Insulin syringes are used for self-injection and are available in multiple sizes to help deliver different insulin doses. The europe insulin syringe market is segmented into geography. The report offers the value (in USD) and volume (in units) for the above segments.
Geography | |
United Kingdom | |
Germany | |
France | |
Russia | |
Spain | |
Italy | |
Rest of Europe |
Europe Insulin Syringe Market Size Summary
The Europe Insulin Syringe Market is poised for growth, driven by the increasing prevalence of diabetes and the rising demand for insulin delivery devices. The market is characterized by technological advancements in diabetes care, which have enhanced the safety and accuracy of insulin administration. Insulin syringes, being a cost-effective solution, are widely used by both Type 1 and Type 2 diabetes patients. The region faces a significant diabetes burden, with a substantial portion of healthcare expenditure allocated to diabetes care. Government initiatives and national programs, particularly in countries like Russia, aim to improve diabetes care infrastructure and reduce out-of-pocket expenses, further supporting market expansion.
The market landscape is moderately fragmented, with key players such as Becton Dickinson, Terumo Corporation, and HMD Healthcare Ltd. driving innovation through research and development. These companies are engaging in both organic and inorganic growth strategies, including mergers and acquisitions, to strengthen their market position. Recent product launches and collaborations, such as the integration of connected technology to enhance drug therapy adherence, highlight the ongoing advancements in the market. The increasing awareness of diabetes and the push for improved access to insulin and related technologies present significant opportunities for market players in the coming years.
Europe Insulin Syringe Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Insulin Syringe
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2.2 Geography
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2.2.1 United Kingdom
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2.2.2 Germany
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2.2.3 France
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2.2.4 Russia
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2.2.5 Spain
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2.2.6 Italy
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2.2.7 Rest of Europe
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Europe Insulin Syringe Market Size FAQs
How big is the Europe Insulin Syringe Market?
The Europe Insulin Syringe Market size is expected to reach USD 111.88 million in 2024 and grow at a CAGR of 1.20% to reach USD 118.76 million by 2029.
What is the current Europe Insulin Syringe Market size?
In 2024, the Europe Insulin Syringe Market size is expected to reach USD 111.88 million.